The news is a major blow for NicOx, which has been working
on developing eye treatments with Pfizer for four years, and
shares in the French biotechnology company dived 30 percent to
10.10 euros by 3:20 a.m. EDT (0720 GMT) on Tuesday.

Despite the setback, however, Pfizer said it was not
abandoning the collaboration with NicOx altogether.

"While the study did not meet its primary clinical endpoint
and our criteria for launching a global Phase III program for
this compound, we remain committed to our joint research
program with NicOx, where the follow-up compounds to
PF-03187207 have produced encouraging results," said Pfizer
executive David Eveleth.

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In a Phase II clinical trial, PF-03187207 did not show a
statistically significantly improvement over Pfizer's existing
drug Xalatan. The new drug was tested on patients with primary
open-angle glaucoma and ocular hypertension.